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ANZ CEO says bank being cautious, not time to target growth

Thu, Nov 03, 2016 - 8:33 AM

Australia and New Zealand Banking Group chief executive Shayne Elliott said on Thursday "now was not the time to aggressively target growth" after the company reported it missed expectations with an 18 per cent fall in annual cash profit.

PHOTO: REUTERS

[SYDNEY] Australia and New Zealand Banking Group chief executive Shayne Elliott said on Thursday "now was not the time to aggressively target growth" after the company reported it missed expectations with an 18 per cent fall in annual cash profit.

"There are some signals out there that say perhaps things will be a little bit worse so we should be cautious," Mr Elliott said.

"We are running the business cautiously and with a conservative risk appetite."

ANZ reported a cash profit of A$5.9 billion (S$6.256 billion) for the year ended Sept 30, down from A$7.2 billion a year earlier.

It also said it would look to sell its Australian life insurance, advice and investments business following a strategic review.